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White House warns of debt ‘Armageddon’

Posted By admin On April 12, 2011 @ 5:28 am In Money Watch | Comments Disabled

AFP [1]
April 12, 2011

WASHINGTON — The White House warned Republicans on Monday that failing to raise the $14.29 trillion US debt limit would spark “Armageddon-like” consequences for the slowly recovering US economy.

As a new political showdown looms over the economy following a defused budget row, aides also said President Barack Obama now “regrets” his vote as a senator against raising the debt ceiling in 2006, calling it “a mistake.”

“The consequences … of failure to raise the debt ceiling would be Armageddon-like in terms of the economy,” said White House spokesman Jay Carney.

Congress must raise the US debt limit, or the maximum amount the Treasury is allowed to borrow, by May 16 or see the United States default on interest payments of its debt.

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White House warns of debt Armageddon 260310banner2 [3]

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[1] AFP: http://www.google.com/hostednews/afp/article/ALeqM5jhu5V1hUkpzQjjwFIM8eJcUiY9CQ?docId=CNG.740d17ecc56dea7e86ae6c9aaa0aed5e.531

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[4] White House Defends Obama’s Senate Vote against Raising Debt Ceiling But Warns of Catastrophe If GOP Doesn’t Raise Debt Ceiling: http://www.prisonplanet.com/white-house-defends-obama%e2%80%99s-senate-vote-against-raising-debt-ceiling-but-warns-of-catastrophe-if-gop-doesn%e2%80%99t-raise-debt-ceiling.html

[5] House rejects debt ceiling bill in ‘political charade’: http://www.prisonplanet.com/house-rejects-debt-ceiling-bill-in-%e2%80%98political-charade%e2%80%99.html

[6] White House Says Obama ‘Regrets Vote Against Raising Debt Ceiling in 2006, Calls It ‘Mistake’: http://www.prisonplanet.com/white-house-says-obama-%e2%80%98regrets-vote-against-raising-debt-ceiling-in-2006-calls-it-%e2%80%98mistake%e2%80%99.html

[7] House Dem Leader Urges Obama to Raise Debt Ceiling Without Congressional Approval: http://www.prisonplanet.com/house-dem-leader-urges-obama-to-raise-debt-ceiling-without-congressional-approval.html

[8] US debt crisis: Obama warns of ‘tax rise for all’ if deal cannot be done: http://www.prisonplanet.com/us-debt-crisis-obama-warns-of-tax-rise-for-all-if-deal-cannot-be-done.html

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